Marginal Oilfields: FG Inaugurates Licensing Round 

Read Time:1 Minute, 1 Second
Page Visited: 60
Marginal Oilfields: FG Inaugurates Licensing Round 

 

Chinazor Megbolu


The Federal Government of Nigeria has inaugurated its first licensing round for marginal oilfields.

The Department of Petroleum Resources (DPR) in a statement obtained from its twitter handle, disclosed on Monday, despite court rulings the previous week, which barred some of the fields from being auctioned, it was launched for bid rounds.

The government agency explained that the marginal fields are smaller oil blocks that are typically developed by local organisations. DPR in the statement maintained that the new licensing round is the first marginal field round since 2002, adding that Nigeria is hinging on boosting oil output and bring in much desired revenues from fees associated with the licences.

According to the statement; “a total of 57 fields located on land, swamp and shallow offshore terrains are on offer”.

DPR also hinted the reason the country revoked the existing licenses on the fields was because it wants to put it into the new licensing round.

The oil and gas regulator in April, revoked the Ororo field, OML 95, and the Dawes Island Marginal Oil Field, formerly known as OML 54.

The statement revealed that all the 11 were set to be included in the marginal field licensing round.

© 2020, https:. All rights reserved., Attribution and link to nigeriamaritime360.com is required if you wish to use any of the articles on this site

%d bloggers like this: